Annual Shareholder Meeting 2025

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Annual Meeting of Shareholders 202515 September 2025
Auckland
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Investore Property Limited
Annual Shareholder Meeting 2025 Address
Slide 1 – Annual Shareholder Meeting 2025
Slide 2 – Board of Directors
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Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 3 – The Manager
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Slide 4 – Agenda
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Slide 5 – Chair’s address
Slide 6 – Financial overview

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 7 – Portfolio highlights
Slide 8 – Proactive capital management
Slide 9 – Proactive capital management (cont)

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 10 – Manager’s review
Slide 11 – Portfolio optimisation
Slide 12 – Key tenants meeting daily needs
Slide 13 – Long lease expiry profile by Contract Rental

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 14 – Improving portfolio through asset recycling
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Slide 15 – Bunnings Westgate acquisition
Slide 16 – Bunnings New Lynn acquisition
Slide 17 – Sustainability

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 18 – Strategic focus
Slide 19 – Capital Raise & Silverdale Centre acquisition

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Slide 20 - Looking ahead

Annual Meeting of Shareholders 202515 September 2025
Auckland
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Annual
Shareholder Meeting
15 September 2025

Board of Directors
Mike Allen
Chair of the Board
Independent, Non-Executive Director
Gráinne Troute
Chair of the Audit and Risk Committee
Independent, Non-Executive Director
Adrian Walker
Independent,
Non-Executive Director
Tim Storey
SIML Nominee and
Non-Executive Director
Ross Buckley
SIML Nominee and
Non-Executive Director
Caroline Plowman
Future Director
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Investore Property Limited | Annual Shareholders Meeting 2025

The Manager
Philip Littlewood
Chief Executive Officer
Jennifer Whooley
Chief Financial Officer
Adam Lilley
Investore Fund Manager
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Investore Property Limited | Annual Shareholders Meeting 2025

Agenda
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Chair’s Address
Manager’s Review
Shareholder Questions
Formal Business
General Business
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Investore Property Limited | Annual Shareholders Meeting 2025

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Chair’s address
Investore Property Limited | Annual Shareholders Meeting 2025
Bunnings, Westgate

Profit after
income tax
$38.4m
up from $(67.1)m loss after
income tax for FY24,
primarily due to a net gain in
fair value of investment
properties of $12.1m
Financial overview
For the 12 months ended 31 March 2025 (FY25)
Profit before other
income and income tax
$35.2m
Distributable profit after
current income tax
$28.4m
Distributable profit
per share
7.58 cents
FY25 cash dividend
per share
6.50 cents
6
Net rental
income
$62.3m
Investore Property Limited | Annual Shareholders Meeting 2025
Bay Central Shopping Centre, Tauranga

Portfolio highlights
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Investore Property Limited | Annual Shareholders Meeting 2025
$1.0bn
Portfolio valuation
99.0%
Portfolio
occupancy
(by area)

6.3%
Average portfolio
capitalisation rate
6.8 years
Weighted average
lease term (WALT)
37%
Woolworths stores
over turnover
threshold
6.5%
Initial yield
Woolworths, Warkworth

Proactive capital management
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Investore Property Limited | Annual Shareholders Meeting 2025
74%
Debt hedged or subject to
a fixed interest rate
as at 31 March 2025
4.1%
Weighted average cost of debt
as at 31 March 2025
$4.2m
Cash retained from the dividend
reinvestment plan
$280m
$300m
$250m
$75m
1.76%
1.97%
2.04%
3.66%
Mar 25Mar 26Mar 27Mar 28
Fixed Rate Interest Profile as at 31 March 2025
Notional fixed rate debt
Weighted average interest rate of fixed rate debt (excl. margin and line fees)
$225m
Bank debt facilities refinanced, all
now classified as green loan facilities

Proactive capital management (cont)
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•2.9 years weighted average maturity
of debt as at 31 March 2025
•No debt maturing until FY27
•60% bank LVR covenant
•38.5% LVR as at 31 March 2025
Investore Property Limited | Annual Shareholders Meeting 2025
$225m
$125m$125m
$130m
$95m
FY26FY27FY28FY29FY30FY31
Debt Maturity Profile as at 31 March 2025
Green loan facilitiesRetail bondsPost balance date refinanced facilities
Post balance date
refinance extends the
FY29 facilities into
FY30 and FY31

10Investore Property Limited | Annual Shareholders Meeting 2025
Manager’s review
Woolworths, Waimakariri Junction

Portfolio optimisation
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Investore benefits from owning over 33 Woolworths supermarkets, enabling Investore to collaborate with
Woolworths to strengthen its existing portfolio through undertaking improvement projects
Investore Property Limited | Annual Shareholders Meeting 2025
Woolworths Rangiora – online fulfilment
area and five new covered online pick up
bays with a 7.5% p.a. return on the capital
contribution over the term of the lease
Woolworths Greenlane – online fulfilment
room and eight new covered drive through
online pick up bays, with Investore
receiving a 7.5% p.a. return on the capital
contribution over the term of the lease
Woolworths Highland Park – online
fulfilment room, six new online pick up
bays and a basement carpark extension
with a 5.5% p.a. return on the capital
contribution over the term of the lease. In
addition, Woolworths has committed to a
15 year lease term
Woolworths, Greenlane

59%
21%
3%3%
2%
62%
17%
3%3%
2%
WoolworthsBunningsMitre 10Briscoes GroupFoodstuffs
Key tenants meeting daily needs
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Investore's portfolio consists of quality, convenience-based retail properties with tenants that attract regular
visitation, including supermarkets, hardware stores, general merchandise and health & wellbeing.
Investore Property Limited | Annual Shareholders Meeting 2025
Anchor tenant concentration
by Contract Rental
1.Transactions include the acquisition of Bunnings New Lynn, Auckland, and the disposal of Woolworths Browns Bay, Auckland.
Anchor tenants represent
87% of Investore’s
Contract Rental
4 Carr Road, Auckland
As at 31 March 2025
Pro forma post balance date transactions
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Long lease expiry profile by Contract Rental
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Investore Property Limited | Annual Shareholders Meeting 2025
Long portfolio WALT of 6.8 years,
with 84% of Contract Rental
expiring in FY30 or beyond
1.1%
3.4%
3.8%
5.6%
2.4%
17.9%
6.6%
0.3%
25.0%
6.1%
25.8%
2.1%
VacantFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35FY36
WALT
6.8 years
1. As at 31 March 2025

Transactions Metrics
Assets
divested
Asset
acquired
Value of properties in key metro locations$49m$94m
1
Value of properties in regional areas$54m-
Blended initial yield6.0%6.2%
Average asset age
24 years
old
8 years
old
Improving portfolio through asset recycling
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Investore has successfully executed approximately $200m of transactions over the past year including disposals at a
combined premium to book value. Capital from the disposals is being recycled to acquire properties that exhibit strong
growth fundamentals over the medium to long term
Bunnings, Westgate
1.The purchase price of Bunnings Westgate was $51m cash, with a further $3.5m of Investore shares that may be issued as part
consideration to the vendor, with shares equal to this value being issued on 1 December 2025 if the value of Investore’s NTA per
share as at 30 September 2025 increases by at least 44% from a base NTA per share of $1.57 as at 31 March 2024. For more
information see note 1.8 to the FY25 consolidated financial statements.
Investore Property Limited | Annual Shareholders Meeting 2025

Bunnings Westgate acquisition
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Investore Property Limited | Annual Shareholders Meeting 2025
Key features
Weighted average lease
term of 8 years and an
initial yield of 6.2%
The largest and one of
the newest Bunnings
stores in Auckland
Structured rental
growth profile
Purchase price of
$51 million
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1.Up to a further $3.5m of Investore shares may be issued as part
consideration to the vendor, with shares equal to this value being
issued on 1 December 2025 if the value of Investore’s net tangible
assets (NTA) per share as at 30 September 2025 increases by at least
44% from a base NTA per share of $1.57 as at 31 March 2024..
Bunnings, Westgate

Bunnings New Lynn acquisition
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Investore Property Limited | Annual Shareholders Meeting 2025
Key features
Weighted average lease
term of 7 years and an
initial yield of 6.1%
~11,000 sqm of net
lettable area, situated on
2.2ha of Metropolitan
Centre zoned land
Structured rental
growth profile
Purchase price of
$43 million
Bunnings, New Lynn

Reducing scope 1 emissions with the replacement of all air conditioning
units using R22 refrigerant with a low global warming alternative. Investore
is targeting to spend ~$3m across FY26 and FY27
Reducing scope 3 emissions through tenant-related programmes including
continued contributions towards tenant LED lighting upgrades and
exploring installation of solar panels
$251m
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of properties classified as green for the purposes of
Investore’s green loans, demonstrating the sustainability credentials of
Investore’s portfolio
Sustainability initiatives
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Investore Property Limited | Annual Shareholders Meeting 2025
1.Net of the disposal of Woolworths Browns Bay.

Strategic focus
Investore Property Limited | Annual Shareholders Meeting 2025
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•Increase diversification of tenant portfolio to
provide exposure to a variety of tenants and
rent review mechanisms to provide more
consistent structured rental growth
•Continue to pursue strategy of targeted growth
by investing in high quality assets with strong
rental growth prospects over the medium to
long term. Asset recycling plays an important
role
•Continue to collaborate with key tenants to
carry out capital refurbishment and
improvement works, to improve store
productivity and rental growth outlook
Woolworths, Waimakariri Junction

Silverdale Centre Acquisition
In addition, Investore has entered into a conditional contract to purchase the Silverdale Centre for
$114m, with an initial yield of 6.8%, from Stride Property Limited (SPL). This is a material transaction
with a related party requiring Shareholder approval. If approved, the acquisition will be funded by bank
debt. Investore’s bank debt facilities have been increased by $100m, subject to the acquisition
proceeding
Amendments to the Management Agreement
Investore is also seeking Shareholder approval to certain amendments to the Management Agreement
with its Manager, Stride Investment Management Limited (SIML), including the expansion of the
investment mandate to broaden Investore’s investment scope to include convenience-based retail
(CBR) properties, an amendment of building management fees to align with market practice for
properties of this nature, and assigning the responsibility for the treasury policy to the Board
Offer of Subordinated Convertible Notes
Investore has lodged a Product Disclosure Statement for an offer of up to $62.5m of subordinated
convertible notes (Notes) with a 4 year term. The Notes will provide Investore with strategic capital
management benefits and enable investors to receive a fixed return during the term of the Notes and
potentially share in upside from share price growth
2
. The net proceeds of the Notes will be used to
repay existing bank debt
Capital Raise & Silverdale Centre acquisition
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1.The Silverdale Centre acquisition and Management Agreement amendments will be considered at the Special Meeting of Shareholders to be held on 20 October 2025. Please see the
Notice of Special Meeting and accompanying Independent Appraisal Report for further details.
2.As determined under the terms of the Notes and subject to rounding and variance between the Market Price and the Share price on the Conversion Date.
Silverdale Centre
Investore Property Limited | Annual Shareholders Meeting 2025

Looking ahead
Investore Property Limited | Annual Shareholders Meeting 2025
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•While macroeconomic conditions have been
challenging, Investore’s underlying portfolio metrics
remain resilient, with a defensive rental income
stream from non-discretionary, everyday needs
retail tenants supported by proactive capital
management and a strong hedging position
•The commercial property market is showing clear
signs of improvement. Transactional activity has
increased, valuations have stabilised, and the cost
of capital has reduced
•The Investore Board remains of the view that the
current point in the cycle is a good time to secure
assets that exhibit strong rental and capital growth
characteristics over the medium to long term to help
further reposition Investore’s portfolio and pursue its
targeted growth strategy
•Investore Board confirms it currently intends to pay
a cash dividend of 6.50 cents per share for FY26

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Shareholder questions
Mt Wellington Shopping Centre

Formal business
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Mitre 10, Botany

That the Directors be authorised to fix the remuneration of PwC
as auditor of Investore Property Limited for the ensuing year
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Resolution 1 – Auditor’s Remuneration

Resolution 2 – Re-election of Director Mike Allen
That Mike Allen be re-elected as a
Director of Investore Property Limited
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Directors’ remuneration
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Proposed Director Fee Increase
Current Director
Fees per annum
Proposed Director
Fees per annum
Amount of Increase
Chair$106,500$116,000+$9,500 (+9%)
Non-executive Directors x4$53,250$66,000+$12,750 (+24%)
Chair of the Audit and Risk
Committee
$13,000$15,000+$2,000 (+15%)
If approved, the new fees will take effect from 1 October 2025
Investore Property Limited | Annual Shareholders Meeting 2025

That, in accordance with NZX Listing Rule 2.11.1, the amount
payable to any person who from time to time holds office as a
Director of Investore Property Limited be increased as set out in
Table 1 contained in the Explanatory Notes to the Notice of
Meeting dated 14 August 2025, with effect from 1 October 2025.
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Investore Property Limited | Annual Shareholders Meeting 2025
Resolution 3 – Directors’ Remuneration

Proxy votes received
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Resolution 1: Auditor’s Remuneration
Proxy votes lodgedForAgainstDiscretionary
166,787,95793.92%0.11%5.97%
Resolution 2: Re-election of Director Mike Allen
Proxy votes lodgedForAgainstDiscretionary
163,386,31293.46%0.09%6.45%
Investore Property Limited | Annual Shareholders Meeting 2025
Resolution 3: Directors’ Remuneration
Proxy votes lodgedForAgainstDiscretionary
151,995,65792.75%0.37%6.88%

General business
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4 Carr Road, Auckland

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Important Notice: The information in this presentation is an overview and does not contain
all information necessary to make an investment decision.It is intended to constitute a
summary of certain information relating to the performance of Investore for the year ended
31 March 2025. Please refer to Investore’s Annual Report 2025 for further information in
relation to the year ended 31 March 2025. The information in this presentation does not
purport to be a complete description of Investore. In making an investment decision,
investors must rely on their own examination of Investore, including the merits and risks
involved. Investors should consult with their own legal, tax, business and/or financial
advisors in connection with any acquisition of securities.
No representation or warranty, express or implied, is made as to the accuracy, adequacy
or reliability of any statements, estimates or opinions or other information contained in this
presentation, any of which may change without notice. To the maximum extent permitted
by law, Investore, Stride Investment Management Limited and their respective directors,
officers, employees, agents and advisers disclaim all liability and responsibility (including
without limitation any liability arising from fault or negligence on the part of Investore,
Stride Investment Management Limited and their respective directors, officers,
employees, agents and advisers) for any direct or indirect loss or damage which may be
suffered by any recipient through use of or reliance on anything contained in, or omitted
from, this presentation.
This presentation is not a product disclosure statement or other disclosure document.
Level 12, 34 Shortland Street
Auckland 1010, New Zealand
PO Box 6320, Victoria Street
West, Auckland 1142,
New Zealand
P +64 9 912 2690
W investoreproperty.co.nz
Investore Property Limited | Annual Shareholders Meeting 2025
Ngā mihi | Thank you